124 STAT. 1730 PUBLIC LAW 111–203—JULY 21, 2010 Wall Street Transparency and Accountability Act of 2010 with respect to any person. ‘‘(b) PRUDENTIAL REGULATORS.—The prudential regulators shall have exclusive authority to enforce the provisions of section 4s(e) with respect to swap dealers or major swap participants for which they are the prudential regulator. ‘‘(c) REFERRALS.— ‘‘(1) PRUDENTIAL REGULATORS.—If the prudential regulator for a swap dealer or major swap participant has cause to believe that the swap dealer or major swap participant, or any affiliate or division of the swap dealer or major swap participant, may have engaged in conduct that constitutes a violation of the nonprudential requirements of this Act (including section 4s or rules adopted by the Commission under that section), the prudential regulator may promptly notify the Commission in a written report that includes— ‘‘(A) a request that the Commission initiate an enforce- ment proceeding under this Act; and ‘‘(B) an explanation of the facts and circumstances that led to the preparation of the written report. ‘‘(2) COMMISSION.—If the Commission has cause to believe that a swap dealer or major swap participant that has a pruden- tial regulator may have engaged in conduct that constitutes a violation of any prudential requirement of section 4s or rules adopted by the Commission under that section, the Commission may notify the prudential regulator of the conduct in a written report that includes— ‘‘(A) a request that the prudential regulator initiate an enforcement proceeding under this Act or any other Federal law (including regulations); and ‘‘(B) an explanation of the concerns of the Commission, and a description of the facts and circumstances, that led to the preparation of the written report. ‘‘(d) BACKSTOP ENFORCEMENT AUTHORITY.— ‘‘(1) INITIATION OF ENFORCEMENT PROCEEDING BY PRUDEN- TIAL REGULATOR.—If the Commission does not initiate an enforcement proceeding before the end of the 90-day period beginning on the date on which the Commission receives a written report under subsection (c)(1), the prudential regulator may initiate an enforcement proceeding. ‘‘(2) INITIATION OF ENFORCEMENT PROCEEDING BY COMMIS- SION.—If the prudential regulator does not initiate an enforce- ment proceeding before the end of the 90-day period beginning on the date on which the prudential regulator receives a written report under subsection (c)(2), the Commission may initiate an enforcement proceeding.’’. (b) CONFORMING AMENDMENTS.— (1) Section 4b of the Commodity Exchange Act (7 U.S.C. 6b) is amended— (A) in subsection (a)(2), by striking ‘‘or other agree- ment, contract, or transaction subject to paragraphs (1) and (2) of section 5a(g),’’ and inserting ‘‘or swap,’’; (B) in subsection (b), by striking ‘‘or other agreement, contract or transaction subject to paragraphs (1) and (2) of section 5a(g),’’ and inserting ‘‘or swap,’’; and (C) by adding at the end the following: Time period.
